On March 5, 2012, the Company received draft Cohort Default Rates from the federal Department of Education (ED) for students of the Companys institutions who entered repayment during the federal fiscal year ending September 30, 2009 (the 2009 Cohort), measured over three federal fiscal years of borrower repayment. (This is a new measurement period. Previously, defaults were calculated over a two-year repayment period.) The weighted average of the Companys institutions was 28.8%, a 7.3 percentage point increase over the 21.5% weighted average for the two-year measurement of the 2009 Cohort. As previously reported, we had expected a majority of our institutions to exceed EDs 30% default rate threshold for the three-year measurement of the 2009 Cohort. For the 2009 Cohort, twenty-five of our forty-nine institutions exceeded the 30% default threshold. None of our institutions exceeded the 40% default threshold.

In a Report on Form 8-K filed with the Securities and Exchange Commission on February 28, 2012, we reported EDs draft results for the 2010 Cohort under the two-year measurement method. For all of the Companys institutions, our weighted average default rate was 6.7% for the 2010 Cohort. Given our substantial progress in reducing the default rates of the 2010 Cohort, we believe we have significantly reduced the risk of any of our institutions exceeding the 30% threshold for three consecutive years, or exceeding the 40% threshold for a single year, under the new three-year measurement rules.

If any of our institutions, depending on its size, were to lose eligibility to participate in federal student financial aid programs because of high student loan default rates, it could have a material adverse effect on our business.

WyoTech, Long Beach, CA (Everest College, West Los Angeles and City of Industry, CA) (1)

36.6

%

Consolidated Average Cohort Default Rate

28.8

%

(1) Indicates additional locations wherein the Cohort Default Rates are blended with the main campus.

Certain statements in this Report on Form 8-K may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. The Company intends that all such statements be subject to the safe-harbor provisions of that Act. Such statements include, but are not limited to, those pertaining to the Companys expectation that its institutions will be able to comply with the limitations on cohort default rates. Many factors may cause the Companys actual results to differ materially from those discussed in any such forward-looking statements, including risks associated with the uncertain effectiveness of the Companys default prevention efforts; possible changes in general macroeconomic and market conditions (including unemployment); and other risks and uncertainties described in the Companys filings with the U.S. Securities and Exchange Commission. If any of the Companys institutions, depending on its size, were to lose eligibility to participate in federal student financial aid programs because of high student cohort default rates, it could have a material adverse effect on the Companys business. The historical results achieved are not necessarily indicative of future prospects. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

5

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.